Are you a non-European Union citizen with a dream of making Cyprus your new home? With its stunning landscapes, rich history, and warm Mediterranean climate, it could be the place where you and your family create lasting memories. If you’ve been considering permanent residency in Cyprus as a gateway to this idyllic island nation, you’re in the right place.

To meet your specific needs and goals, we guide you on the exciting path to acquiring permanent residency in Cyprus.

Cyprus sea for permanent residency

Cyprus Permanent Residency under Reg. 6(2) – The Fast Track Route

The Cyprus Permanent Residency program is tailored for non-EU citizens who are willing to invest a minimum of €300,000 in property or business in Cyprus. Moreover, this program does not require investors to relocate to Cyprus; however, they must visit the island at least once every two years to maintain their residency status.

Financial Criteria

Applicants can choose from four different investment options:

Residential Property

  1. Purchase a newly built house or apartment from a land development company.
  2. Minimum investment: €300,000 plus VAT.
  3. Up to two residential units can be purchased, as long as the total value is at least €300,000. The properties can be from different development companies.

Non-Residential Real Estate

  1. Invest in other forms of real estate such as offices, shops, or hotels.
  2. The minimum investment is €300,000, and these properties can be purchased on the resale market (secondary market).

Share Capital of a Cypriot Company

  1. Invest €300,000 in the share capital of a Cyprus-based company.
  2. The company must have a physical presence in Cyprus and employ at least five people. The employees can be from any nationality (Cypriot, EU, or third-country nationals).

Cyprus Investment Fund

  1. Invest €300,000 in units of a Cyprus Investment Organisation for Collective Investments, such as AIF, AIFLNP, or RAIF.

Annual Income Requirement

In addition to the investment, applicants must have a secure annual income of at least €50,000, which must originate from abroad. This income can come from:

  • Employment (salary)
  • Dividends
  • Pensions
  • Rental income

Additional income requirements:

  • €15,000 for a spouse
  • €10,000 for each dependent minor child

This income must be proven through a tax return declaration.

Quality Criteria

  1. Clean Criminal Record:
    The applicant and their spouse must submit a clean criminal record from their country of residence or from Cyprus if they live there. Additionally, they must not pose a threat to public order or security.
  2. No Employment in Cyprus:
    Applicants and their spouses must confirm that they will not seek employment in Cyprus, except as directors in a Cyprus-based company in which they have invested.
  3. Shareholding in Cypriot Companies:
    If the applicant invests in residential property, non-residential real estate, or a Cyprus investment fund (but not in the share capital of a company), they and their spouse may hold shares in other Cyprus companies and receive dividends. They can also serve as unpaid directors in these companies.

Eligibility

The following family members are eligible under the main applicant’s application:

  • Spouse and minor children.
  • Adult, unmarried children aged 18-25 who are studying abroad and financially dependent on the applicant.
  • Parents of the main applicant.
  • Parents of the spouse (in-laws).

Application Process and Residency Requirements

  • Processing Time: Approximately 4-6 months.
  • Validity: Permanent residency is for life.
  • Residency Requirements: No need to live in Cyprus, but applicants must visit at least once every two years.
  • Upon approval, applicants must visit Cyprus to submit their biometrics within one year.

Benefits of Permanent Residency

  • Visa-free entry to Cyprus, even during border closures.
  • The right to live in Cyprus without time limitations.
  • Eligibility for citizenship after five years of residency.
  • No tax on global income, inheritance, or property.

Beyond Residency – Benefits in Cyprus

Latchi beach showing the benefits of living in Cyprus

Cyprus is a popular destination for individuals seeking permanent residency, and it offers various benefits beyond residency. Here are some key advantages:

  • Cyprus is strategically located at the crossroads of Europe, Asia, and Africa. This makes it an ideal base for business and travel, providing easy access to major markets.
  • The island boasts a high quality of life, with a pleasant Mediterranean climate, beautiful landscapes, and a rich cultural heritage. Residents enjoy a relaxed lifestyle and a strong sense of community.
  • Cyprus exudes a magnetic allure for its business-friendly environment. Permanent residents have the opportunity to engage in various business activities, and the country has a well-established legal framework for business operations.
  • Cyprus offers an attractive tax regime, making it an appealing destination for investors. There are low corporate tax rates, no inheritance tax, and no capital gains tax on the sale of real estate (subject to certain conditions).
  • Cyprus has a well-developed education system, including international schools and universities. Additionally, permanent residents can access high-quality healthcare services provided by both public and private institutions.
  • Cyprus radiates a reputation for its low crime rate, contributing to a safe and secure living environment. This factor is particularly appealing for families and individuals looking for a peaceful place to settle.
  • Residents can enjoy a vibrant cultural scene, with numerous events, festivals, and historical sites to explore. Also, the island offers a variety of recreational activities, including water sports, hiking, and golf.

Pursuing Permanent Residency in Cyprus unveils a gateway to a life rich in cultural splendor, business opportunities, and a high quality of living. With a strategic location bridging continents, favorable tax regimes, and a safe, vibrant environment, Cyprus stands as an alluring destination. Beyond residency, the island offers a harmonious blend of leisure and investment possibilities.

For more information on how to begin your journey with Permanent Residency please refer to our contact form and we will be in touch with you!